Qatar ranked 2nd in GCC Project Contract market during 2021; Kamco

Qatar ranked 2nd in GCC Project Contract market during 2021; Kamco

Qatar was the second-largest projects market in the Gulf Co-operation Council (GCC) during 2021, owing to a better-than-usual $19.4bn contract awards in the first quarter (Q1) of 2021, according to Kamco Invest, a Kuwait-based regional financial powerhouse.

Kamco Invest reported that contract awards in the country were increased by more than 93 percent year on year to $25.1 billion in the fiscal year 2021. In terms of sectors, Qatar’s gas sector received the most projects in 2021, accounting for $19.3 billion in contracts and representing more than 77 percent of all projects given in the country that year.

During Q1-2021, Qatargas, a subsidiary of state-owned QatarEnergy, awarded a $13 billion liquefied natural gas (LNG) contract to a group of French and Japanese energy companies including Chiyoda and Technip for the first phase expansion of the North Field.

For the first phase extension of the North Field, Qatargas, a subsidiary of state-owned QatarEnergy, granted a $13 billion liquefied natural gas contract to a group of French and Japanese energy corporations including Chiyoda and Technip in Q1-2021. Qatar’s total project awards dropped to $272 million in the fourth quarter (Q4) of 2021, down from $2.8 billion in the same period of 2020.

According to the report,